You Can’t Make This Stuff Up

In a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-Tenn.) proposed that borrows be required to make a minimum 5% down payment in order to qualify. His proposal was rejected 57-42 on a Senate party-line vote because, as Senator Chris Dodd (D-Conn.) explained, “Passage of such a requirement would restrict home ownership to only those who can affort it.”

Seriously, you can’t make this stuff up.

I’d like to know when it was someone’s inalienable right to make a profit on an investment — including home ownership?

People that bought homes in the past realized there was risk involved… and planned for it.

That hasn’t been the case for a while, though. Which is why the real estate market is so screwed up.

Unfortunately, there’s a reason why home ownership was called, “The American Dream”… because it isn’t for everyone… just the ones that are responsible and work hard…

… and, because this is American, everyone has the opportunity to do that.